The Supreme Court has issued notices to the Ministry of Finance regarding significant vacancies in Debt Recovery Tribunals (DRTs) across India. A PIL highlighted that nearly one-third of the 39 DRTs are non-functional due to the lack of Presiding Officers, which hampers the timely recovery of debts for banks and financial institutions. As of September 30, 2024, 11 DRTs remain without leadership, undermining the objectives of the Recovery of Dues to Banks and Financial Institutions Act of 1993.
China is reducing home purchase deed taxes to 1% for buyers of flats measuring 140 square meters or less, down from as much as 3%. This move aims to stabilize declining property prices and encourage an uptick in housing transactions, as announced by key government ministries.
China has mandated banks to conduct a dollar bond sale in Saudi Arabia, marking its first issuance in US currency since 2021. The Ministry of Finance has engaged Chinese, international, and Middle Eastern banks for the proposed offering of 3-year and 5-year 144A, Regulation S notes.
Japan intervened in the foreign exchange market twice last quarter to support the yen, which had fallen to a 38-year low of over 160 per dollar. The Ministry of Finance spent ¥3.17 trillion ($20.7 billion) on July 11 and ¥2.37 trillion on July 12 amid speculation of further interventions due to ongoing yen weakness.
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